Peter Sachse Named Sole CEO of Tailored Brands
Peter Sachse is now alone at the helm of Tailored Brands.
The veteran retailer, who spent 34 years at Macy’s, stepped in to rescue the menswear business in 2021 shortly after it emerged from bankruptcy. Sachse, who had served on the board of directors of the Houston-based retailer, shared the chief executive officer post with Bob Hull, another board member whose background included 17 years at Lowe’s Cos. They started as interim co-CEOs in March 2021 and were named permanent co-CEOs in March 2022.
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But on Tuesday, that dynamic changed. On Feb. 5, Hull will move into a new role of executive chairman of the board of directors and Sachse will become sole CEO. Paul Soldatos will move from a non-executive chairman role to become lead director of the board, and Sean Mahoney will continue as an active director.
In announcing the change, the company said that under Sachse and Hull’s leadership, “Tailored Brands has achieved a comprehensive strategic, operational and financial transformation. The board believes that, with this deeply enhanced foundation, the company is well-positioned to pursue future growth and profit improvement, making this an appropriate time for evolutionary change in the company’s leadership structure.”
“Through the execution of our strategic priorities, we will continue to generate strong momentum in our business by acting on customer feedback, creating seamless and inspiring omnichannel experiences, and helping people love the way they look and feel for their most important moments,” Sachse said. “I am confident in the strategic direction of our company and the exceptional team we have in place, and this transition underscores the progress everyone at Tailored Brands has made. We would not be where we are today without Bob’s partnership and thought leadership as well as the diligent contributions of our board members. I look forward to more of the same in the coming years.”
Sachse told WWD that “any great company has a succession plan, and this is it.” Asked how the company is performing, he said he was “pleased with our business,” but declined to provide further details, saying only: “I’ve got the greatest team in the world and the best board on earth.”
“In the years Peter and I have shared the CEO role, we have cultivated a talented leadership team, implemented strong operating disciplines and significantly improved the financial strength of the company,” Hull said. “Having co-CEOs helped us during a period of transformation. Now, with an improved foundation and momentum propelling us, Tailored Brands is in a position to have a more traditional leadership structure with a single CEO at the helm. I look forward to continuing my work with Peter, Paul and Sean in my new capacity.”
Tailored Brands operates more than 1,000 stores under the Men’s Wearhouse, Jos. A. Bank, Moores and K&G Fashion Superstore banners.
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